Forex
ECB Rate Hike Can't Shield Euro From Soaring Gas Prices
The EUR/USD pair has maintained its position above 1.1600 despite a volatile session, with price movements limited to 28 pips.
The European Central Bank (ECB) is expected to raise the deposit rate on Thursday, but this move may not have an immediate impact on the Euro's value due to the ongoing gas crisis in Europe.
The European storage is only 67% full, below the seasonal norm of 83%, with less than a month left before the heating season begins.